New Markets Ventures Partners, a Washington, DC-based edtech and workforce technology venture capital firm, raised over $160M for its Economic Mobility Fund.
New Markets received support from its existing investor base and new U.S. and European education-focused foundations and endowments. Equally importantly, the firm received commitments from multiple publicly traded strategic investors validating the firm’s evidence-based investment strategy to drive collective impact, unique deal flow, and thought leadership. These new limited partners include academic publishers, global skills development leaders, human resources experts, and large-impact investment funds, among others.
New Markets Education Partners III, LP., will target Series A and B investments and opportunistic recapitalizations focusing on companies generating $2M to $50M of revenue with a high potential to grow to $50M to $200M in revenue and reach profitability within three years of the initial investment.
The new fund underscores and strengthens New Markets’ commitment to invest in innovative, scalable companies with evidence-based solutions that focus on increasing the proportion of underserved Americans who achieve critical, research-based, developmental milestones in education, career, and life.
Led by Robb Doub, Mark Grovic, and Jason Palmer, General Partners, New Markets has made equity investments in 41 companies, with a particular focus on edtech and workforce technology companies. Over the last three years, the firm has invested in seven new companies and realized 10 investments including Credly, Presence, LearnPlatform, Signal Vine, Kickboard, Mursion, StraighterLine, Whiteboard Advisors, Galvanize, and Graduation Alliance, which totaled more than $1 billion in market value and returned over $100 million to limited partners.
FinSMEs
27/02/2023